Foreign trust reporting obligations can apply to a domestic trust established even within the US and the recent regulations make compliance more difficult.

In recent months, the IRS has revised a public announcement and issued a practice unit on IRS Form 3520-A reporting and ...

This article summarizes the treatment of ownership of foreign trust assets; discusses the guidance for reporting a transfer and a donee's receipt of a distribution from a foreign trust, as well as ...

Are you concerned about the high IRS tax rates on a foreign trust? It is important to understand the tax and reporting consequences on this specific ...

Schedule FA (Foreign Assets) in the ITR form is primarily meant for reporting foreign assets, and Schedule FSI (Foreign Source Income) is meant for reporting income from foreign sources.

An IRS rule proposal could give tax professionals and clients who receive assets through foreign trusts and gifts answers to technical questions they've been posing for decades. The IRS proposal would ...

Notwithstanding the Proposed Regulations, the reporting requirements for a U.S. person’s involvement with a foreign trust or receipt of foreign gifts or bequests are cumbersome and complex.

A Report of Foreign Bank and Financial Accounts must be filed by U.S citizens with financial interests in or authority over certain foreign accounts.

Activities within a foreign trust are reported on IRS Form 3520 – Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts, or IRS Form 3520-a – Annual ...

The U.S. Tax Court has affirmed its earlier decision that the IRS lacks authority to assess certain foreign information penalties. The latest decision in Mukhi v.

Last month, the agency held a public hearing on a proposal the IRS released in May that would alter the guidelines for the reporting of transactions involving foreign trusts and gifts reflected on ...